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ICT in Financial Inclusion- Leveraging Technology- Sajadwani

1.
CSC Project Jammu & Kashmir State• The implementation of the scheme in the state was entrusted to J&K Bank as a special case by DIT on recommendations of State Government.• To implement the CSC scheme, a Master Service Agreement was signed between J&K Bank as Service Centre Agency(SCA) and State Government in February 2009.• Under the CSC Scheme 1109 centres are to be set up in J&K State. eindia.eletsonline.com

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J&K Bank CSC Project Implementation Process• Clustering of villages.• Selection of candidates as VLEs.• Identification of a suitable CSC location (Khidmat Centre) within the identified clusters.• Site development and branding.• Tie up with civil, IT and telecom vendors to make the CSC a branded, IT enabled and fully equipped retail outlet• VLE induction trainings.• Identification and Tie-ups with various services providers for roll out of services eindia.eletsonline.com

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Financial Assistance to VLEs of Common Service Centers ‘Khidmat Centers’The Bank has designed special product named JKBank CSC Finance to provide financial assistance toVLEs for setting up the centre.Under this scheme loan amounting to Rs.1.80 Lacs(approx) is provided to VLEs on Base RateAt present 650 centers are operational eindia.eletsonline.com

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J&K Bank ICT Model for FI• The Bank has appointed Financial Information Network and Operations Ltd (FINO) as a technology partner for providing ICT based solution.• Bio-metric fingerprint enabled smart card platform is used which is highly secure, efficient and effective. Customers use smart cards for deposit and withdrawal of cash at point of transaction (POT) devices.• Each smart card can hold up to fifteen (15) accounts of the customer and up to ten (10) latest transaction records for each account on the card in addition to the biometric and personal details of the customer.• The transaction data maintained on the smart cards is exchanged between the FINO server and the Banks CBS on daily basis. eindia.eletsonline.com

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FI Services by Khidmat Centres• Saving Bank/ Deposit Accounts• No-Frills Account• MNREGA and Social Security payment Accounts.• DRI LoansVLEs are provided a monthly fixed incentive ofRs. 2200/- and variable incentive based on theno of accounts opened and or amount of cashreceived/disbursed. eindia.eletsonline.com